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On-chain analytics provider Spot On Chain highlighted a Bitcoin BTC/USD whale’s activity as the apex crypto is trying to hold on to the $62,000 mark.

What Happened: The platform reported that the Bitcoin whale deposited on a centralized exchange as the market dropped amid escalating geopolitical tensions The whale had reportedly accumulated a net 3,933 BTC (worth $234 million) from Binance between Aug. 29 and Sep. 15.

The whale then moved 750 BTC, valued at $46.3 million, back to Binance at a rate of $61,751 per BTC, today before the Bitcoin price dropped by about 3%.

The whale still holds 9,736 BTC, worth $601 million. The same wallet was observed in July when it dumped BTC worth $467 million in just 11 days.

Why It Matters: With Bitcoin prices plunging to lows of $60,000, ByBit partner Justin Bennett cautioned investors to be careful with Bitcoin's relief rally. He pointed out that the failure at $64,700 has opened up sell-side liquidity and predicted that $57,000 remains open for business after the crypto king met tapped $60,000.

Another trader expects "at least one more run on the lows." He suggests that if there is a drop further then he will add more Bitcoin long positions as he continues to remain strong on altcoins.

#btc It was literally in the charts tho…

Now I've barely seen a daily btc chart bottom like this so expecting at least one more run on the lows. That's when you bid hard imo.

I'm already in strong alts + btc longs but looking to add big if we do this.

Let's get it! https://t.co/dPoN1mtlYn pic.twitter.com/BU0WHeCN0K — George (@George1Trader) October 2, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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